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Trade Creditor's Risk-Mitigation Tools and Remedies Manual
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Trade creditors dealing with financially troubled customers often have difficulty collecting their claims. Unpaid sellers and service providers must refrain from collection efforts against a buyer that files for bankruptcy unless specifically authorized to take action by the bankruptcy court or the Bankruptcy Code. Instead, they frequently have a general unsecured claim against the buyer in bankruptcy with the right to file a proof of claim with the bankruptcy court. Trade creditors usually obtain little or no recovery on their unsecured claim because the value of the debtor’s assets are frequently significantly reduced when they are liquidated in bankruptcy. Trade Creditor’s Risk Mitigation and Remedies Manual is designed to provide trade creditors with a single resource to help obtain payment of their claims against their financially distressed customers both prior to, and after, the customer’s bankruptcy filing. The Manual discusses various risk mitigation tools that trade creditors can request from their buyers, or purchase from third parties, to secure payment of their claims prior to the filing of their buyer’s bankruptcy. This Manual then assists trade creditors by helping them determine and enforce their rights against a financially distressed buyer under the Uniform Commercial Code (UCC) and the Bankruptcy Code.
|Author||Bruce S. Nathan, Scott Cargill, Eric Chafetz, Lowell A. Citron, Theodore C. Sica, Marc S. Kurzweil|